CDB to go commercial
7 August 2007
China Development Bank (CDB), the country's largest policy-oriented lender, has worked out a plan to transform itself into a full-fledged commercial bank, China Daily reported (in Chinese). As part of the proposed plan now being reviewed by the State Council, the country's cabinet, CDB hopes to receive a capital injection of at least US$20 billion from Central Huijin Investment Corp to help the reform process, a source told the paper. CDB and Central Huijin have yet to finalize the terms of their agreement as they are still in talks, the source said. CDB, which is 100% owned by the State Council with the Ministry of Finance (MOF) acting as the representative of the shareholders, recently backed UK-based Barclays Bank's bid for Dutch bank ABN AMRO.